Bank of England boss Andrew Bailey slammed for saying UK must ‘rebuild relations’ with Brussels following Brexit

THE Bank of England’s boss says the UK must “rebuild relations” with Brussels following Brexit.

Speaking to City bosses, Andrew Bailey said the vote led to weaker trade.

He suggested the UK should move closer to the EU to prevent potential “geopolitical shocks” from Donald Trump’s term.

But ex-Tory leader Sir Iain Duncan Smith last night said: “That the Bank thinks it can work out Brexit is ludicrous.”

Tory MP Mark Francois said: “Of course we want good relations with our former EU partners but the great prize, to boost British growth, would be a major, post-Brexit trade deal with the incoming Trump administration.

“That’s really worth banking on!”

A Government spokesman said it is “committed to resetting relations with European partners”.

Meanwhile, Rachel Reeves will rip up financial red tape to let City bosses take more risks to help grow the economy.

The Chancellor insists measures brought in following the 2008 economic crash have “gone too far” and are holding Britain back.

More than 30 million people voted in the June 2016 referendum with a turnout of 71.8 per cent.

Leave won by 52 per cent to 48 per cent.

It began as a trade group of six nations in the 1950s.